The Money Mondays - Meet the Man Who Did Over $4B in Acquisitions - Roland Frasier 💵 EP 86

Episode Date: September 10, 2024

Roland is a "recovering attorney" and the co-founder and principal of five different companies recognized by Inc. Magazine as some of the fastest-growing in e-commerce, e-learning, real estate, and SaaS sectors. As a serial entrepreneur, he has founded, scaled, or sold more than 24 businesses, spanning industries from consumer products and live events to manufacturing, with revenues ranging from $3 million to nearly $4 billion. Through his award-winning podcast, Business Lunch, Roland has interviewed prominent figures such as Sir Richard Branson and Spanx founder Sara Blakely, along with other leading industry experts. In addition to producing infomercials with Guthy-Renker, he has secured publishing deals with Simon & Schuster and Random House, negotiated Las Vegas show deals with major hotels, funded over 100 private and public offerings, managed an international hedge fund, and advised top brands like PepsiCo, Uber, and McDonald’s on key business strategies. Like this episode? Watch more like it 👇 Shark Tank’s Daymond John: Life, Sales and Business Strategies E85: https://youtu.be/RkHBezJ3n8s This Is What You Do To Balance Parenting and Business 👶 E82: https://youtu.be/rZj30yFstcY Dan Martell: The Man Who Knows The Cheat Code To Money💲E81: https://youtu.be/xj_y30BXEyo If You Want To Know How to Invest, Try THIS! (My Strategy Revealed)💸E74: https://youtu.be/lvgy6lSaCUM Watch ALL Full Episodes Here: https://www.youtube.com/playlist?list=PLs0D-M5aH-0IOUKtQPKts-VZfO55mfH6k --- The Money Mondays is a business podcast here to teach you how to make money, invest money, and donate money by showcasing some of the world's most successful people and how they do the same. Hosted by serial entrepreneur Dan Fleyshman, the youngest founder of a publicly traded company in history, this money podcast gives you an exclusive behind the scenes look at how the wealthiest celebrities, entrepreneurs, athletes and influencers make, invest and donate money. If you want to learn more business and investing while you work to improve your financial life, you're in the right place! Subscribe: https://www.youtube.com/@themoneymondays?sub_confirmation=1 Dan Fleyshman, The Money Mondays Learn more here: https://themoneymondays.com Watch all the podcast episodes: https://youtube.com/playlist?list=PLs0D-M5aH-0IOUKtQPKts-VZfO55mfH6k Let’s Connect... Website: https://themoneymondays.com Podcast: https://podcasts.apple.com/us/podcast/the-money-mondays/id1663564091 Twitter: https://twitter.com/themoneymondays LinkedIn: https://www.linkedin.com/company/the-money-mondays/about/ TikTok: https://tiktok.com/@themoneymondays FB: https://www.facebook.com/The-Money-Mondays-110233585203220/

the ability to sell a company for a multiple of EBITDA and do it many times, as long as I can find more companies to buy, I'm disinclined to hold because if I sell, I'm gonna get eight, 10, 15, 20 years of income that day that I sell. So if I can sell four companies a year at a multiple of 10, I get 40 years of income.

Whereas if I held them, I'd have to wait 40 years to get that income, right? So. Ladies and gentlemen, welcome to the Money Mondays. We are here in a RV motorhome parked in Carlsbad at this fancy resort because our next guest is throwing a high-end mastermind.

I think it's like $55,000 per person that he's training. And at the same time, right down the hall, he's throwing another mastermind that's $42,000 at the same time, the same resort. So it's amazing. So that's why we have an RV motorhome, for moments like this. He's so busy, he's throwing two masterminds at the same time.

And so instead of trying to pin him down and try to come to a studio, the whole concept of the motorhome for the Money Mondays is I can just drive to show up right into the valet, which we're at right now, to interview Mr. Roland Frazier. This thing is so cool. Thanks for having me. So what I'd like to do is if you could,

give us the quick two minute bio so we can get straight to the money. Sure. Started out in real estate as a broker, became licensed for insurance, sold policies to the people that were doing syndications, ended up realizing that the way to make a lot of money was to raise money. So I got licensed to basically be able to do that.

Then went on as I was getting a degree in accounting and then going to law school, I started, I was buying and selling houses and then I was like, I wonder if you could do this with businesses too. And so started buying and selling businesses and I've never looked back and doing it for longer than I'm going to admit. So as you guys know, we cover three core topics, how to make money, how to invest money, how to give it away to charity. Roland, you have a piece of 90 companies, numbers probably higher now, but you have a piece of 90 companies that I know of that you're either an advisor to, you're an investor in or have equity in to help them scale. How do you deal with the whole world when you have so much moving parts with all these companies?

To me, the key is that you never spend time on anything that isn't in your area of joy and genius. So I'm looking only to do the things that I'm good at. And I want other people who have joy and genius in those other areas to be good at that. So for me, it's stay off the org chart. If I don't have a job title, I don't have a job description. I don't have a job. I like it. I gotta use that one. As you guys know, also this podcast is always going to be

under 40 minutes because the average workout is 45 minutes. The average commute to work is 45 minutes. So this episode will be between 36 and 38 minutes for your listening pleasure. Now, Roland, when someone comes to you and says, you know what, Mr. Frazier, I would love for you to be on the board of my company or an advisor of my company or an investor of my company. How do you make that decision when you've already got 90 plus companies in your portfolio

to actually say, you know what, I'm going to work with this company or maybe even invest in the company? So, I mean, I think they're really the very first most important thing is that you have an understanding of what your acquisition criteria is. And that's whether you're buying a company or you are buying with your time or money

into a company, is the company something that is going to advance you towards your ultimate goals? So knowing really clearly what is my, you know, my ICP, my ideal company profile to be part of is the kind of the first critical path that I'm going to look at. And then it's going to be what is the desired outcome that they have for having me involved in the company and is that something that I can do within the constraints of the other things that I've got.

And then it's PFM, which I got from Mark Anthony, who you know, which is do I like the people? Is it going to be fun? The F. And is it going to make the money that I need to make as a return on my time? So on the make money side, how important is it for you when a company first comes to you that's an idea like on a napkin versus they're actually starting something versus actually having revenue? How do you decide, would you work with someone that just has a napkin idea? I would not. I don't do startups. So I think startups are great and the people that do it, it's fantastic. The failure rate of those is higher than I would care for it to be.

And my real area of joy and genius is in optimizing and taking the company to the next level and preparing it for exit. So the startup people are a different kind of, it's a different kind of personality and a different kind of risk profile than what I'm looking for. So at Elevator Syndicate, for example, you guys have heard me talk about Elevator Syndicate, we have 960 investors. And within that group, we raised $56 million over the last two and a half years. But as Roland just mentioned, we don't do startups.

We only invest in companies doing at least $2 million in sales up to $20 million in sales. Why? Because we can pour gasoline on the fire if you're doing 17 million sales. Absolutely. Going from 17 to 34 is easy. Going from zero to one, really hard. A lot of lift, yeah.

Really hard to go from zero to one million sales. 17 million to 34 million, actually easy. Yeah. It's just processes, systems, fix this, change that, pour some gas in the fire. If you're at zero, I pour gasoline, the floor just gets wet. Yeah. There's really easy. It just processes systems, fix this, change that, pour some gas in the fire. If you're at zero, I pour gasoline, the floor just gets wet. There's no fire.

It's optimizing something that already has product market fit. That's the key, right? Did it catch fire? Can we pour gasoline on it in a good way to blow it up? Why would you say that companies, why do they need extra capital? What does it do for them?

I mean, usually without really carefully constraining what the capital is gonna be used for, it helps them buy very nice Macintosh computers and lots of foosball machines and cereal bars. But yeah, exactly. So it really, to me, it's gotta already have some sort of like, what's gonna be the use of proceeds or the use of the investment, right?

And then when I look at that, I'm gonna say, is that going to increase sales, profits or valuation? And so if it's not going to increase one of those three things directly, where we can track it back and say, we can measure that, what gets measured gets, you know, gets controlled, right? Gets managed. Is that what it is? That to me is the key. So I need to know, what's it going to do for the company and is it going to have an impact on one of those three areas? What's it going to do for the company and is it going to have an impact on one of those three areas? So let's say elevator syndicant, we've raised $4 million for a company, they were at 17

million, they got to 34 million and they're thinking about exiting. What are the things that that company should do in preparation to have an exit? So it's a lot of things. There's about 32 points on our list, but basically, does it have a predictable selling system that is replicable and scalable? Can they basically take capital and pour it into things that are already proven to generate sales and profits? And then what does the people look like

and the pedigree of the people? Have they seen the numbers that we are projecting we're going to hit before? Because if they haven't, they think differently. Claytmask from Keep and Infusionsoft said that something that I really liked is that I say who got you here won't get you there, right? Not just what, but who. And he said that basically what they've found is that at ones and threes, you need a completely

different group of people and they can't take you past more than two sets of one and three. So if you're at one million, the people that got you to a million, maybe they can take you to three, but it's probably not 10. People that got you to 10 are probably not going to take you to 30 and then a hundred and so on and so forth. And it's so true and entrepreneurs have a tendency to hold on to the people. You know, it's like, I feel loyal. I'd be disloyal if, you know, these are the guy, but you're doing them a disservice because you're promoting them into something that they're not competent to do.

They're going to be frustrated. They will ultimately fail and fail in kind of a bad and discouraging way. Whereas if you can say, look, you're, it's just like you and I, we're not startup people, but the startup people aren't the growth people usually. Right? So it's just different sets of skills. And if you can recognize that and say, typically that's a demarcation at ones and threes and you know, in the growth pattern

Then you're only going to invest your money in the people that can get you to those places That's that's kind of how I look at it. So let's say someone's they're rocking and rolling they got sales and Companies start coming to them venture capital hedge funds private equity groups are coming to them How can someone that's the founder think about making a decision when it's time to exit, or should they wait longer? Yeah, that's a tough one, right? And so for me, a lot of people come and ask for, like, they'll have an exit offer from somebody kind of already. And to me, to make the decision is to say, what are you leaving on the table

and how comfortable are you with the risk that something that you don't see is lurking around the corner that might cause you to not be able to realize the additional growth that you're hoping to realize. If that happens, and I've watched it happen several times, then are you going to be kicking yourself for the rest of your life saying, you know, I have a client that got an offer for 70 million for their company and came and said, can you help us with that? Should we take it? And I said, it depends. Where do you see the company going? Where we see this opportunity, this opportunity, this opportunity. We've got predictable selling systems. We believe we only need to pour more

money into the predictable selling systems to scale what we've got. And we can be a $300 million company. And I said, well, then you have to say, would I feel terrible if this company comes in and gives me 70 million and then they take it to 300? Will you be kicking yourself for the rest of your life? If you will, then you should probably think about staying with it. But also what if something happens?

I don't know, like a pandemic. And you're, you know, it couldn't possibly happen. And your 70 million goes to 20 million. How bad, you know, how bad are you going to feel about that? That's kind of a gut check, I think. So what's interesting is some people when they sell their company for let's say 70 million, they actually take a little bit less but keep 20% of the company, which is kind of the common number.

And let's say that company now does take it to 300 million, their 20% is worth $60 million, which is almost what they got for the whole dang company. Or more, usually more. The carried interest is usually more. So talk to me about what's called golden handcuffs. Staying with the company for one, two, or three years. What are your thoughts about golden handcuffs? It's tough.

Again, it depends on your conversation with the people that are coming in. You're gonna, if you have a carried interest of 20% and you're going to be managed by somebody else. I've watched that happen multiple times. They bring in young, inexperienced MBA type people to manage you and your team. Who built this company? That to me is generally a recipe for disaster. One story on that is we had somebody that sold their company for 18 million. The the company that bought them came and brought the inexperienced MBA

management team in. Sales fell through the floor. The company was repurchased by the entrepreneur that sold the company for 18 million for about $300,000. And that happens a fair amount, right? Because then it's a non-perform in the PE and the private equity company's investment portfolio, and they're going to turn it out. Instead, I think you need to be really careful if you're taking a carried interest to be sure that you are going to be able to directly influence how that 20% that you kept is going to increase in value. And you need to be sure that the team that's acquiring has bought into the management team

that you've already got and they're going to be advisors and helpers, but they're not going to be making the management decisions until that carried interest is realized. I will tell you something that happened to us, and about, I think, 40 or 50 companies that one of Blackstone's companies bought of ours, is that that carried interest, if it's measured based on profitability as it frequently is.

So let's say we kept 20% and we had a put call arrangement so that we could force them to buy us out after a certain period of time or they could force us to sell. And we agreed to a multiple of EBITDA, which is very, very common. But because of the pandemic, the value of the company was zero because there were zero profits for two years. So Blackstone wisely said, we're buying, we're exercising all of our calls and we're buying everybody out at zero EBITDA times whatever multiple we agreed to and bought out like 40, 50 companies for nothing. Now we ended up working consulting for equity deal to actually end up better.

But it's like that was even like that happened just a couple of years ago for us. It's like, that's a pretty big learning, you know, so you got to be so. So like if you're taking one thing out of this, be sure there's a minimum buyout price or that they can't be bought out when EBITDA falls below a certain amount if you're doing something like that But I really really like the carried interest. I mean, it's it's been very good to us Yeah, so there's a friend of my name Cindy Eckert She created the female Viagra. Mm-hmm spent years trying to get it approved got this got that and when she did she got bought out for

$1 billion and they shelved it and she came back and bought it for one dollar. That's like I say it happens all the time right? Isn't that crazy? One billion dollars to one dollar. Yeah. Okay. So as I mentioned inside you've got multiple masterminds going on.

$42,000 investment, $55,000 investment. Why should people pay to be in masterminds? What does it do for their life, their circle, their business? Yeah. I mean to, network is everything. So I have not found a better way to network than to find somebody that's curated a group of people that are the exact people that I want to be with. Like you're 100 million, right?

That, to me, that's, there's like the people that are going to invest and spend the money that it takes to be in a mastermind like that and go and travel there are going specifically with the intention of networking and meeting like-minded people. So the walls are down. And I haven't found another environment where you get people who've literally paid to lower their own walls to meet people, network people, and almost all of those people are going there to add value to the people that are there. How do you determine speakers that you come in and have teach to such high level people

on these expensive high-end investment masterminds? Yeah, I guess it's two things, and you do a brilliant job of, you do a way better job of that than we do of having aspirational people come in and and also who are the people who have been down the road that a hopefully a majority of the people in the mastermind have not yet been down but would like to so that they can basically be a mentor and say this is where this is the path I have taken I've seen where you want to go and I can show you how I got there. And there are probably some lessons for that. There are people who would like to just be around those people

because they feel that the status of associating themselves with a Damon, John or Shaq or other people will be a good thing for them. And that's true. Right. That that's a social proof component. And I like that the people that are in the masterminds have made the conscious decision to make the investment and the effort to be there. So I think that answers the question.

How do I get the speakers? I want the speakers who are basically going to fit either that status bill or they're going to fit the mentor knowledge bill. Got it. We also have had for many years large format conferences like the Traffic and Conversion Summit. Walk us through the concept of having like a ten thousand

person event. Why is it important for people to attend large format events in their industry or niche? Again, to me, it's networking. I don't think that it's for knowledge. As a matter of fact, most of the conferences that I think you go to, the learning isn't the thing.

It's the what they call lobby con. It's what they call lobby con. What am I going to do out in the lobby? Who am I going to network with? What are the hospitality suites that have parties that have the people that you want to meet? Or, I find this to be very effective too, is like, I love if, let's say that I'm looking to acquire a company that is in a niche software situation, like they're providing software solutions as a SaaS to pool companies. If I go to the pool company convention

where all of the pool companies are going, probably all of those SaaS companies that are serving them are going to be exhibiting there too. And I can have conversations with them in a much, much faster in-person format than if I had to travel around the country and meet all of them. So I like it for that. But like actually just going for the for the knowledge that's I'd say if you are looking to up level your skills as an employee, then you're going to go to grow your wealth or advance your own like status in terms of network or the quality of your network. There's no better place than that to do it fast. Does that make sense? Yeah. Now, putting on a 10,000 person conference like Traffic

and Conversion Summit, it's a lot of moving parts. It is. I sure wouldn't wanna do it. Panels in so many different rooms and main stages and offsite parties and multiple days of conferences. How do you find staff members and executives that you trust to manage something that you can't watch and oversee all the thousands of moving parts when there's a 10,000 person conference?

I mean, so how do you go about hiring? We could talk about for a long time, but my favorite way to do it is to acquihire. So I'm looking generally to identify teams that are already proven that somebody else has put together and then we either acquire the company to acquire the team or we'll work to attract them. I want somebody that's already been there and done that.

So can you walk us through acquihire? Sure, yeah, so acquihire is just, I'm going to acquire a company or a team from a company or a division from a company that has a team so that I can now basically have them do whatever it is that I want them to do. So great example would be, we wanted to have a software for one of our companies,

but none of the principles were good at developing software for teams, right? That's a whole specialty. So rather than trial and error it for three years to maybe hopefully figure out how to hire a software teams, right? That's a whole specialty. So rather than trial and error it for three years to maybe hopefully figure out how to hire a software team, we bought a software company and then used the team that we had acquired to actually create the software that we wanted to create.

And you can do that across engineering, R&D, management, operations, systems, any of those things. So when you aqua hire a company, you're effectively hoping for the golden handcuffs thing to happen, right? Yeah, absolutely How do you inspire them to stick with it? So for years? So Typically, it's culture first and then it's compensation which then the best compensation would be some sort of combination of fixed variable based on performance and equity

Which is usually options. So is there like a war room inside your house or like a war room inside your office of just like, here's the 90 plus companies I have pieces of, like how do you see and manage this world of stuff going on? So we have a dashboard that basically is a portfolio dashboard, and then each company has a company dashboard.

We developed a thing called the scalable operating system for ourselves that we now market and sell, but basically it came as a result of needing something that we could look at and see red, green, yellow on each important aspect of each KPI, key performance indicator for each company that we have and then as a portfolio. So with all these moving parts, you have masterminds, large format conferences, all these companies

you're a part of, how do you decide what you're willing to put your money, time, and energy into? It's kind of the thing that I said as far as determining a company to acquire is does it advance, I think there's 11 points and I wish I could remember them all, but basically it's does it advance our overall goal? Does it complement an already existing asset that we've got in a niche that we've got? Or does it start a new niche that we want to get into but we haven't yet? Does it meet the acquisition criteria financially for that?

Is it a cultural fit with the other things that we've got in our portfolio? Those are the things that are really probably the top of our list. So let's say you've got an employer and executive, they've been with you for years and it's time for them to go venture off and start their own thing. How do you find someone to replace good talent quickly? Yeah. So in a worst case, like if we haven't done what I'm about to say that we try to do, what we try to do is we try to have everyone hire their replacement and train

their replacement so that they can advance because if we say your advancement is somewhat tied to your ability to find someone to replace the position you have, because otherwise, you're going to be too valuable where you are and we don't want to lose you. If we have not succeeded in doing that, then we're generally going to go to our network first and then we're going to go to LinkedIn and do a little bit of searching and then we're probably going to hire a search firm. So once you built a company and it's hit X amount of sales but you now have all this experience,

all this access to capital connections, execution, scaling, do you have less of a reason? Like, are you willing to hold on to a company longer because it's Roland Frazier in your world? Or you're just like, hey, it's math. I got to 26 million. That's what I wanted. I'm going to sell it. Or do I wait on the 26 million and wait until I get to 80 million or 126 million before I make a decision because the capital is less important now? Yeah, it's an excellent question. And there isn there isn't like a Pat formula that we've got. We're less buy and hold people than we are flip people because the ability to sell a

company for a multiple of EBITDA and do it many times, as long as I can find more companies to buy, I'm disinclined to hold because if I sell, I'm going to get 8, 10, 15, 20 years of income that day that I sell. So if I can sell four companies a year at a multiple of 10, I get 40 years of income, whereas if I held them, I'd have to wait 40 years to get that income. So as long as there are more companies that I can take what I'm getting from that to acquire, it makes sense to me that I would be trading more than I'm going to be holding long term. So from a syndication perspective,

what are your thoughts about, we do an elevator syndicate, but what are your thoughts about pulling together 30, 40, 50 people into a deal like 50K, 100K, 200K at a time rather than going to traditional like a venture capital firm? You're gonna get a way better deal raising the money yourself than going through a venture capital firm. You're gonna get a way better deal raising the money yourself

than going through venture capital firms. So given that equity is the most precious thing that you'll ever sell in the business, I think that starting with a less institutional group of people is always going to be smarter. Unless the venture capital firm has connections that are going to advance you faster. And you're just saying, I know I'm gonna get less,

I'm gonna get a smaller piece of the pie, but because of the value that they can bring as smart money, it's going to ultimately be more for me, but it's almost never gonna be more. So when a CEO has a co-founder and one of them begins to lose interest. How do you have the heart to heart with the founders if you're on the board? How do you have the heart to heart when it might be time for one of them to move on?

I think that the key would be that if they are performing at the required level of the KPIs for the job description. So if you've got a process for saying this is the job title, this is the requirement or set of requirements that you need to be able to occupy that slot, this is the performance that you need to be able to do as defined by the board or the company in determining what are the three things is how we do it that you're going to be accomplishing each quarter. And here are the KPIs to know if you're on track or not on track for accomplishing those.

If they are meeting all those things but unhappy, then I think the conversation is, Dan, it seems like you're just kind of unhappy now, you know? What's going on, right? That's, to me, a heart-to-heart about that. And I don't know that move on is the answer, right? It might be, what can we change or how can we support you that would make you happy again? Yeah. And if the answer is nothing,

then if they're hitting their metrics and they don't wanna leave, there's not a lot that I would probably do about it. If that's starting to affect their performance as objectively determined by KPIs that are not being hit, then I think you have the conversation. You're not meeting by KPIs that are not being hit, then I think you have the conversation. You're not meeting your KPIs, and by the way, you seem really unhappy. You know, are you sure you want to stay? Right? And then you put them on a PIP, right? A performance

improvement plan. If they can't hit the performance improvement within the time, then they're going to be asked to leave. And if they won't leave that way, then, you know, they're going to be offered a way to find something else. So when you have access to these type of deals, is it too boring to invest into something that's real estate or stock market that are still good investments, but maybe they move slower compared to the action you have with these type of deals? I mean, yes, it's boring, but boring is good, right? Boring is good too because I don't want I don't want constant

adventure and turmoil in my life. I would like some islands of stability amongst the entrepreneurial madness. So I like those other things. For me personally I lean towards real estate because it's where I started. And so real estate and

entrepreneurial investing fits me better than some of the other things that I could do. But I also like you like fun shoes and things like, I like alternative investments that I can actually enjoy rather than just sit in a box and hope that it goes up in value. So I'm gonna walk you guys through really quickly what I was asking about.

I have this investment strategy for many years and I always talk about it at stages, events, and you've heard it on the podcast a few times called 40, 40, 20. I say 40% of my investments, let's call it $100,000, $40,000 in low risk investments. I want to make between 5% and 9% for the year. This is just to fight inflation, nothing crazy to happen. It's boring investments.

The middle 40%, that 40,000 in this example, the medium risk, I want to make between 10% and 30% for the year. This is real estate, stock market, cash flowing businesses. And then the last 20% is called high risk. It's my shot at glory. Fingers crossed investments. And if I get this right, I want to have six X, 10 X, 20 X, something crazy happen.

And if I get it wrong or it takes too long, I'm hoping that the medium risk and the low risk cover the high risk. And so I will elaborate that on a different episode and go more in depth, but the concept of 40-40-20, you can change numbers to the type of investor that you are. I've done that my whole life because it allows me to have my boring stuff like Roland said that,

it's just calm, it's easy, it's consistent, just happening and I don't have to do any work or think about it. The medium risk is fun. Making 18%, it percent 14 percent 26 percent It's fun action you have to do that over and over and over to make it compound But it's fun action it keeps you in the game and the high risk is what makes your heart flutter, right? This is like gives you can give you an ulcer and makes your stomach tense. But when you get it, right, it's pretty fun

It's pretty fun when you so we sold sneaker con actually since you mentioned sneakers. We sold SneakerCon to eBay. Ah, awesome, congratulations. It was 11 years that the company was running. An 11 year overnight success. Right. I like it. I invested on year 10. Ah, perfect. Worked out great.

Well done. Okay, on the last segment, I'd like to talk about the charity element. So why do you believe it's important for company founders to involve charity into their business so that their employees get involved in some charity work? I mean, I think from a cultural standpoint, the idea of something bigger. And if the something bigger can relate to the mission of the company, I think that's ideal. If it can't, we have several charities that we support simply because we believe in what they do and think they're doing good in the world. But I think being a responsible corporate citizen is like being a responsible regular

citizen that you should have a portion that you're giving back. What about in the household? How do you get family members and friends and like community members to get behind a charity that you're passionate about? Usually it's just having conversations with them and sharing why it's something that's important to what we want. And it may or may not resonate with them though And I don't think that that they have to believe in the charities that we believe in like we've never forced it on our kids Our kids are free to choose we do want them to be charitable

So we try to set you know that leading by example But we're not going to steer them into you need to support this because we support this. Okay, this is a much more in-depth question. So many, many years from now, hopefully it's hundreds of years from now with modern technology and science and you're going to be able to survive for many, many years, but when it's finally time to pass and you've amassed, hopefully by that time, billions of dollars of wealth with all your investments. What percentage do you leave to those children? So, would be relatively small, because I think that I have the benefit of having been an attorney in estate planning for years,

and seen lots and lots of money destroy the ambitions and aspirations of the people that were receiving it. I've seen lots of kids fight amongst each other after I've seen them sue the estates. I've watched a lot of the negative side and of course being attorney you see things that don't go right more than you see things that go right. But I really want to provide them with a platform for success so that they have that initial leg up, but I don't want to push them all the way up so that all of their drive and aspirations and motivation is gone. So as a percentage, it would be relatively light on that. But what we also do is we believe in foundations. So I think foundations are a great way to encourage your kids to participate in charities by saying,

we have a foundation, this is money that's no longer ours. This is money we've donated to the foundation, but it's our foundation. So we're responsible for being the steward of that money for charitable purposes. Now, what are the charitable purposes we care about and why do we care about those things? I think that's a really great way to kind of say, this is still there and you need to be charitable. We're kind of making you be charitable because it's no longer our money. But we aren't just abnegating everything about it and just saying, you know, okay, here, charity, you go do it. Because I've seen also a lot of charities that don't necessarily manage a lot of money well.

Last question. What can people do to study and learn? Where would you tell them to go? Is it YouTube? Is it books? Is it all of the above? Go to events and masterminds? How should people be consuming content to make their financial world better?

Gosh, that's, I mean, I like all of those resources. I am a big fan of autobiographies, the people who have done what you want. You can have conversations with people who are no longer here who were geniuses at all of that stuff simply by reading the autobiography. You mean like the shoe dog Phil Knight type books? Yeah, I love those and even reading the autobiography. So you mean like the shoe dog Phil Knight type books? Yeah, I love those.

And even like the autobiography of Rockefeller and Carnegie and those things, I think those are great. There's so much terrible information out there. I'm watching people saying, you know, look, my accountant's telling me I need to buy more Lambos and more watches like this because I can write them all off because it's marketing expenses. And I'm like, that's like go to jail stuff.

So yeah, so you just really have to be careful to to choose wisely who those influences are. But there there are smart people on YouTube and TikTok. And there are smart people who have been long dead, who are in books that you can only get in paperback. And, you know, I think it's just kind of I find that it's a it's good to consume all of them because there's a lot of different perspective, you know, around all of those different resources. So I don't think it's good just to say I only read paperback books about that or I only look at TikTok for that.

So if someone wants to find more of your world, jump in some of these masterminds invest into their brain, invest into their network, walk us through some of the names of the brands and the companies. Sure, well, we have a podcast called Business Lunch, which you're gonna be on really soon. And then everything else is like, Epic Network is our buying and selling, scalable.co is our business operating system,

digitalmarketer.com is our digital marketing training, and pretty much for me, everything is forward slash Roland Fraser. So Roland Fraser, check him out across social media. He puts out really really really good content like if he wasn't sitting here I'd say the exact same thing because his content is super good oftentimes all forwarded to certain friends like hey this is what he's talking about buying companies investing companies it's fascinating to me. So check out Roland Frazier across social media. As you guys know we run this ad free it's been over a year and a half and all I ask of you guys is to support us

by going to themoneymondays.com, showcasing this with your friends, posting on your stories, tweeting it, Facebooking, et cetera, because when we get those rankings, people listen to this podcast and it helps them with their financial world. They can have blunt discussions with their friends,

family, and followers about money, because we all grew up thinking it's rude to talk about money, and we here at The Money Mondays think it's rude to not talk about money with your friends, family, and followers about money because we all grew up thinking it's rude to talk about money and we here at the Money Mondays think it's rude to not talk about money with your friends and family. So check us out on the moneymondays.com, check out Roland Fraser across social media,

and we will see you guys next Monday.